A smaller, regional version of **M&T Bank** (MTB), providing banking, wealth management, and insurance services across the Northeastern US.

A Northeastern version of **U.S. Bancorp** (USB), but on a smaller scale, offering a full suite of traditional banking and wealth management services.

• Commercial Loans: Provides financing solutions for businesses, including commercial real estate, equipment, and working capital lines of credit.
• Retail Loans: Offers personal loans, mortgages, home equity loans, and auto loans to individual consumers.
• Deposit Accounts: Manages checking, savings, money market, and certificate of deposit accounts for both personal and business customers.
• Treasury Management Services: Delivers cash management, payment processing, and fraud prevention solutions for business clients.
• Wealth Management Services: Provides investment management, financial planning, and trust services to individuals and institutional clients.
• Retirement Plan Administration: Offers recordkeeping and administrative services for defined contribution retirement plans through EPIC Advisors, Inc.

NBT Bancorp (NBTB) Major Customers

NBT Bancorp Inc. (NBTB) is a financial holding company operating primarily through its subsidiary, NBT Bank, N.A. As a community bank, NBTB serves a diverse base of clients rather than having a few "major customers" in the traditional sense. Its services, which include banking, wealth management, and insurance, are primarily offered to individuals and businesses across its operating footprint.

Therefore, NBT Bancorp primarily sells to individuals and businesses. The company's customer base can be broadly categorized as follows:

• Individuals / Retail Customers: This segment includes consumers seeking a full range of personal banking products and services, such as checking and savings accounts, mortgages, home equity loans, auto loans, and other personal credit products.
• Businesses / Commercial Customers (Small to Medium-sized Enterprises - SMEs): NBTB serves a wide array of businesses, from small local enterprises to larger commercial entities. Services provided include commercial loans, lines of credit, treasury management services, business checking and savings accounts, and other business banking solutions.
• Wealth Management & Trust Clients: Through its wealth management division, NBTB serves individuals, families, and institutional clients requiring investment management, financial planning, trust administration, and estate planning services.

• Fiserv, Inc. (FISV)
• Visa Inc. (V)
• Mastercard Incorporated (MA)

Scott A. Kingsley President and CEO

Scott A. Kingsley became President and Chief Executive Officer of NBT Bancorp Inc. in May 2024, having joined the company as Executive Vice President and Chief Financial Officer in 2021. He brings nearly 40 years of experience to his role. Prior to NBT, he spent 16 years at Community Bank System, Inc., serving as Chief Operating Officer and previously as Chief Financial Officer. His career began at PricewaterhouseCoopers, LLP, and he later held financial and operational leadership roles, including Corporate Controller and CFO of an operating division, at Carlisle Companies, Inc., a publicly traded global manufacturer and distributor. No information was found indicating that Mr. Kingsley founded or personally sold companies, or that he has a pattern of managing companies backed by private equity firms.

Annette L. Burns Executive Vice President and Chief Financial Officer

Annette L. Burns was promoted to Executive Vice President and Chief Financial Officer of NBT Bancorp Inc. in May 2024. She joined NBT in 2013 following the company's acquisition of Alliance Bancorp. A Certified Public Accountant, Ms. Burns has 30 years of experience in accounting and finance. Her previous roles at NBT include Chief Accounting Officer, Corporate Controller, Senior Corporate Controller, and serving as Interim Chief Financial Officer in 2021. She began her career at PricewaterhouseCoopers, LLP. No information was found indicating that Ms. Burns founded or personally sold companies, or that she has a pattern of managing companies backed by private equity firms.

Joseph R. Stagliano Senior Executive Vice President and President of NBT Bank, N.A.

Joseph R. Stagliano was promoted to Senior Executive Vice President and President of NBT Bank, N.A. in 2024. He joined NBT in 1999 and has over 30 years of experience in the financial services industry. His prior positions at NBT include Chief Information Officer and President of Retail Banking. Before joining NBT, he was employed by MetLife.

Sarah A. Halliday Executive Vice President and President of Commercial Banking

Sarah A. Halliday joined NBT Bancorp Inc. in 2017 as Executive Vice President and President of Commercial Banking. She possesses over 30 years of experience in banking and commercial lending. Previously, Ms. Halliday served as the Capital Region Market President for M&T Bank for 12 years.

Shauna M. Hyle Executive Vice President, Retail Community Banking

Shauna M. Hyle was promoted to Executive Vice President, Retail Community Banking in 2024. She joined NBT in 2008. Her responsibilities have included overseeing NBT's Consumer Lending business and providing executive sponsorship for EPIC Retirement Plan Services. She also served as Senior Vice President and Chief Risk Officer from 2013 to 2017.

The key risks to NBT Bancorp's business include its reliance on specific geographic markets and their economic conditions, margin pressure coupled with increased operating expenses, and the inherent risks associated with cybersecurity and data privacy.

1. Reliance on Geographic Markets and Economic Conditions: NBT Bancorp is heavily concentrated in the Upstate New York market, a region that has historically faced economic challenges. The bank's growth prospects are further sensitive to regional economic developments, including significant investments such as those related to the CHIPS Act. Any delays or suspensions in such funding could disrupt job creation and economic opportunities, directly impacting NBT Bancorp's business in its core operating areas.
2. Margin Pressure and Operating Expenses: The company is experiencing pressure on its net interest margin and increased operating expenses, largely attributed to recent acquisitions (such as Evans Bancorp) and ongoing investments in digital banking initiatives. These elevated costs could make it challenging for NBT Bancorp to achieve its ambitious earnings and growth targets, particularly if loan growth slows in its markets or cost discipline falters.
3. Cybersecurity and Data Privacy Risks: As a financial services company, NBT Bancorp is subject to significant risks related to information technology, cybersecurity, and data privacy. While the company has reported no material risks from cybersecurity threats as of December 31, 2024, the potential for such incidents remains a critical concern for all financial institutions.

The clear emerging threats for NBT Bancorp are the rapid growth of digital-only banks and the increasing entry of major technology companies (Big Tech) into financial services. These entities leverage advanced technology, superior digital user interfaces, and often lower operating costs or massive existing customer bases to offer banking products such as high-yield savings accounts, payment solutions, and lending services. This directly challenges traditional regional banks like NBT Bancorp by reshaping customer expectations for financial services delivery and attracting customers away from established branch-based models and traditional relationships.

• Personal Banking (Retail Banking): The United States retail banking market is estimated at USD 0.87 trillion in 2025 and is projected to reach USD 1.08 trillion by 2030, growing at a compound annual growth rate (CAGR) of 4.22% during the forecast period.
• Commercial Banking: The US commercial banking market size is approximately USD 732.5 billion in 2025 and is forecasted to reach USD 915.45 billion by 2030, reflecting a 4.56% CAGR.
• Wealth Management Services (including Retirement Plan Services): The global wealth management market size was approximately USD 1,636.83 billion in 2024. North America, where NBT Bancorp primarily operates, contributed about two-thirds of the global wealth management market revenue in 2022. Based on this, the estimated addressable market for wealth management services in North America, including retirement plan services, would be approximately USD 1,091.22 billion (two-thirds of USD 1,636.83 billion).
• Insurance Services: The United States life and non-life insurance market size reached USD 3.239 trillion in 2025 and is forecast to touch USD 3.851 trillion by 2030, exhibiting a 3.52% CAGR.

NBT Bancorp (NBTB) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Strategic Mergers, Acquisitions, and Market Expansion: NBT Bancorp's revenue growth is significantly bolstered by strategic acquisitions, such as the successful integration of Evans Bancorp in Q2 and Q3 2025, which expanded its presence in Western New York's Buffalo and Rochester markets. The company plans further expansion with 4 to 6 new branches annually in strategic Northeast markets, including Rochester, the Finger Lakes, areas near the Micron chip fabrication site in Clay, NY, Vermont, Maine, Connecticut, and New Hampshire. Management also remains committed to exploring selective mergers and acquisitions within the community banking sector to enhance its franchise.
2. Growth in Net Interest Income through Loan and Deposit Expansion and Net Interest Margin (NIM) Management: NBT Bancorp anticipates low to mid-single-digit organic loan growth, supported by a robust loan pipeline. The company has demonstrated improved net interest margin, driven by increased earning asset yields and disciplined management of funding costs, with expectations for continued improvement in 2026. Deposit growth has also been solid, including deposits acquired through the Evans merger and organic increases.
3. Diversification and Growth of Noninterest Income: Noninterest income, which accounted for a significant portion of total revenue (31% in Q1 2025), is a strong growth driver. This includes continued growth across various business lines such as wealth management, insurance services, and retirement plan administration fees, with expectations for mid-to-high single-digit growth in 2026.
4. Digital Platform Enhancements and Customer Acquisition: NBT Bancorp is strategically investing in digital banking platforms and has successfully integrated over 25,000 new digital banking and debit card users through the Evans acquisition. These enhancements aim to reach new customer segments, improve operating efficiencies, and support net margin expansion.

Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

• NBT Bancorp authorized an amendment to its stock repurchase program in October 2025, allowing for the repurchase of up to 2 million shares of common stock by December 31, 2027.
• The company repurchased 7,600 shares of its common stock during 2024 at an average price of $33.02 per share.
• Under a previous plan authorized on January 3, 2022, NBT Bancorp completed the repurchase of 563,100 shares for $19.91 million.

Share Issuance

• In May 2025, NBT Bancorp issued 5.1 million shares of common stock, valued at approximately $221.8 million at closing, as part of the acquisition of Evans Bancorp.

Outbound Investments

• NBT Bancorp completed the acquisition of Evans Bancorp on May 2, 2025, in a transaction valued at approximately $236 million through a 100% stock consideration. This acquisition expanded NBT Bank's presence into Western New York, adding 18 banking locations.
• The company acquired Rochester-based Fairport Savings Bank in May 2020.

Capital Expenditures

• NBT Bancorp plans to open 4 to 6 new branches annually across strategic Northeast markets.
• The company is making ongoing investments in digital banking platforms to enhance customer experience and operating efficiencies.